The idea of Planning in Independent India was drawn from
- A.the Bombay Plan
- B.the demand made by peasants
- C.the demand made by workers' unions
- D.the Gandhian vision of India's future
Correct answer
Explanation
The correct answer is A, the Bombay Plan. The Bombay Plan of 1944 was drawn up by a group of eight, mostly leading industrialists such as J. R. D. Tata, G. D. Birla, Purushottamdas Thakurdas, Lala Shri Ram and Kasturbhai Lalbhai, with John Mathai among them. It proposed a fifteen-year plan to double per-capita income and treble national income, with the state taking the lead in heavy industry and infrastructure and the private sector working under its guidance. It showed that even big business wanted the state to plan the economy and to run a large public sector, and this consensus shaped the Planning Commission of 1950 and the mixed-economy model. B, the demand of peasants, and C, the demand of workers' unions, were not the origin of the planning idea; they were groups the plans tried to serve. D, the Gandhian vision, favoured village industries and decentralisation and was set out separately in the Gandhian Plan of 1944 by S. N. Agarwal. Exam tip: Bombay Plan 1944 by eight industrialists; People's Plan 1945 by M. N. Roy; Gandhian Plan 1944 by S. N. Agarwal.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
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GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.
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